drop in oil prices weighs on saudi stocks
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
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Drop in oil prices weighs on Saudi stocks

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Arab Today, arab today Drop in oil prices weighs on Saudi stocks

Dubai - Arab Today

A sharp drop in crude prices weighed on Saudi Arabia’s petrochemical sector on Sunday.
Share of Advanced Petrochemical, the first Saudi company to report second-quarter earnings, lost 0.7 percent after only a 1 percent year-on-year increase in second-quarter net profit.
Eight of the other 14 listed petrochemical makers declined, helping drag the Tadawul All Share Index (TASI) 0.5 percent lower.
Riyad Capital expects net earnings for the petrochemicals sector to shrink 13 percent year-on- year.
“We expect margins to be lower as product spreads continue to weaken while shutdowns could constrain already impacted sector,” it said in a note.
The Abu Dhabi index added 0.3 percent, as shares of Dana Gas, which made up a little half of the total market turnover on Sunday, rebounded 1.5 percent.
On Thursday, Dana fell 1.4 percent after sources told Reuters that London’s High Court planned to hold a full hearing in September on efforts by the company to restructure $700 million of Islamic bonds.
In neighboring Dubai, shares favored by short-term retail investors were the most active, with builder Arabtec jumping 7.4 percent to 3.47 dirhams ($0.94).
“The trend shall remain bullish toward the next barrier at 3.56 dirhams, where it may attract profit taking, but a break over shall ignite aggressive buying until the previous highs of 4-4.20 dirhams,” said a note by NBAD Securities.
The stock has been strong since last week when Arabtec announced winning projects worth 755 million dirhams.
Cairo’s stock market showed little reaction on Sunday to an unexpected interest rate hike in Egypt, tempered by comments by the deputy finance minister.
The central bank, faced with accelerating inflation, on Thursday raised rates by 200-basis points for the second policy meeting in a row, wrong-footing economists who had forecast no change.
Deputy Finance Minister Mohamed Meait told Reuters on Saturday the hike was only temporary.
Cairo’s blue-chip index edged down 0.1 percent, a far milder reaction than the 2.5 percent drop that followed a previous rate hike on May 21.
Analysts at Naeem Brokerage said in a note that the market might witness a slight temporary correction, adding that banks might benefit because they expected higher investment income to offset delinquencies and slower credit growth.
The largest listed lender, Commercial International Bank added 1.4 percent on Sunday.

Source: Arab News

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